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Author Topic: Returning to Buy from Local Bitcoin after nearly 3 year break, Now I'm scared.  (Read 478 times)
DoctorG
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September 18, 2016, 10:37:50 AM
 #1

Hey ! Good to see you all again!

Ok so I have come to scratch the Bitcoin itch after a break of nearly 3 years (to be honest, I didn't make much if anything mining)
So I have been buying small amounts of Bitcoin to invest in cloud mining (another subject for another day maybe, but in a nutshell I am thinking VERY long term)

I just wanted to comment on LOCAL BITCOIN where I buy my fractions of BTC from and ask for some opinions.

I am still able to buy after a break of nearly 3 years and still a verified user on the site.
But the cageyness (is that a word?) of the people on Local Bitcoins who are selling 'shocked me to the core' Sad

I was told by one seller that they even needed some kind of 'money transmission' licence to sell bitcoin.

I guess the world has embraced Bitcoin but at the same time, stuck rules, laws and regulations on it. I'm gona need to start reading up on it all.

I was asked for pictures of myself holding my Drivers licence and bank card and asked to sign notes and send scans of documents?

What the heck? Verified isn't enough anymore?

Anyone want to enlighten me? What have I missed?

Thanks all and good to see you all again!

G

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newIndia
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September 18, 2016, 10:55:11 AM
 #2

U dint mention where u r from. In certain states of USA and all parts of Russia, Germany & Bangladesh, people would be careful to deal in LocalBitcoins. Elsewhere, it should be as easy as it always was...

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September 18, 2016, 11:15:20 AM
 #3

I would not even ever consider giving that type of confirmation to a random person you are buying small amounts of btc from... If you are going to provide that level of id, you might as well sign up with the big exchanges or service providers and buy from there..

There should be no need for them to have the information, so please don't give it, it is screaming for potential ID fraud somewhere along the lines.

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September 18, 2016, 11:24:35 AM
 #4

most localbitcoiners do not do enough trade to meet the thresholds to require a licence.
most localbitcoiners do not make enough profit from the spread to cover the costs of having a licence

but here is the thing. if they are licensed, they will have registration numbers and documents. so ask them for their MSB number and their data protection policy. they cannot refuse it. but if not presenting it, they are obviously not an MSB

secondly some localbitcoiners dont actually need the documents, but ask anyway to scare off scammers trying to do chargeback/wire reversal scams.

thirdly if you are being asked for such documents you might aswell just use a well known more legit service that supplies registration details and an office address, rather than a complete stranger who wants your life story.

after all that stranger might then ID fraud you by scamming someone else but pretending to be you because he now has your info.

in short.
if they are asking for your life history, dont be afraid to ask for their business details


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Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
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September 18, 2016, 11:41:20 AM
 #5

Hey ! Good to see you all again!

Ok so I have come to scratch the Bitcoin itch after a break of nearly 3 years (to be honest, I didn't make much if anything mining)
So I have been buying small amounts of Bitcoin to invest in cloud mining (another subject for another day maybe, but in a nutshell I am thinking VERY long term)

I just wanted to comment on LOCAL BITCOIN where I buy my fractions of BTC from and ask for some opinions.

I am still able to buy after a break of nearly 3 years and still a verified user on the site.
But the cageyness (is that a word?) of the people on Local Bitcoins who are selling 'shocked me to the core' Sad

I was told by one seller that they even needed some kind of 'money transmission' licence to sell bitcoin.

I guess the world has embraced Bitcoin but at the same time, stuck rules, laws and regulations on it. I'm gona need to start reading up on it all.

I was asked for pictures of myself holding my Drivers licence and bank card and asked to sign notes and send scans of documents?

What the heck? Verified isn't enough anymore?

Anyone want to enlighten me? What have I missed?

Thanks all and good to see you all again!

G

There are many scammers on localbitcoins and the sellers are trying to protect themselves.

The bitcoin world isn`t the same three years later. Grin

And forget about cloud mining.It`s a scam.



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DoctorG
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September 18, 2016, 11:46:30 AM
 #6

AHH SH*T!
LOL, I did send off a copy of my DL but the copy of my DEbit card I blanked out the numbers.
Then I had no reply from that seller.
Sheesh.
Im in the UK btw.
Ok, Well, time to beat myself with the stupid stick.

DoctorG
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September 18, 2016, 11:47:44 AM
 #7

Gona log onto to the LocalBitcoin site now and find the chat, and ask the bloke for the MSB.
Thanks guys, should of come here first !

TradeFortress
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September 18, 2016, 11:49:00 AM
 #8

Blame scammers and regulation for ruining free commerce.
DoctorG
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September 18, 2016, 11:56:26 AM
 #9

Found the dude on LB, sent him a chat and asked him to put my mind at rest.
How the hell I let my guard down I don't know.
Anyway, if he doesn't I will report him / her and then send a quick letter to the DVLA.
The bank isn't a problem.

I guess old age is creeping up on me and stupidity as a result.

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September 18, 2016, 11:56:56 AM
 #10

localbitcoins is for those who don't want to or can not use the regular way of buying bitcoin. you can just check the prices and see for your self that it is not a good idea to buy from localbitcoins if you can buy from somewhere else like an exchanger or coinbase. you are already willing to give your documents out so why not use exchanges?!

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DoctorG
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September 18, 2016, 11:58:47 AM
 #11

Im a few years out of date, but I actually thought it was better than the exchanges (more trustworthy)
Im struggling with who or where to trust !

DoctorG
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September 18, 2016, 12:16:53 PM
 #12

Ok so ... I was bright enough to choose a trusted trader on Local Bitcoin who pointed me to his page on the Data Protection Register.
Panic over.
Thanks for the wake up call guys.

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September 18, 2016, 12:24:55 PM
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Im a few years out of date, but I actually thought it was better than the exchanges (more trustworthy)
Im struggling with who or where to trust !
there are many other trusted exchanges which have come up with their services and are much more faster than localbitcoins. over time, you will come to know about everything that had changed under your absence provided that, you will be active enough in this forum from now on.
Ok so ... I was bright enough to choose a trusted trader on Local Bitcoin who pointed me to his page on the Data Protection Register.
Panic over.
Thanks for the wake up call guys.
good. now what ? lock this thread- bottom left corner of this page.
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